President Donald Trump is set to tour the Federal Reserve’s headquarters in Washington, D.C., on Thursday, intensifying his public clash with Fed Chair Jerome Powell.
The visit comes as the Fed faces criticism over a $2.5 billion renovation project and continued tension over interest-rate policies.
Unprecedented Presidential Visit
Scheduled for 4 p.m. ET, the tour was originally planned as an internal review of the Fed’s extensive renovation. However, Trump’s late decision to attend marks a rare presidential appearance at the central bank and signals deeper political pressure.
The last known presidential visit was by George W. Bush in 2006.
Renovation Becomes Political Flashpoint
Trump and top advisers have targeted the costly upgrade of the historic Marriner S. Eccles Building and its neighboring facility. Originally estimated at $1.9 billion, the project ballooned to $2.5 billion due to inflation, rising labor and material costs, and extended use of leased space. Trump has called the overrun a potential “fireable offense.”
Powell Responds to Allegations
In response to accusations from White House budget director Russ Vought, Powell defended the renovation, citing urgent needs for asbestos removal, system upgrades, and code compliance. He emphasized that the Fed voluntarily works with federal planners but is not legally bound by their guidelines.
“There’s no VIP dining room, there’s no new marble … just old elevators,” Powell testified before the Senate, denying claims the upgrades were lavish.
Rate Dispute Fuels Tensions
Trump has long criticized Powell for not cutting interest rates further, even branding him “Too Late.” While the Fed is expected to hold rates steady next week, Trump continues to link the renovation controversy to broader economic grievances.
Trump’s Political Strategy
Despite saying he won’t fire Powell—an action that could spark economic and legal turmoil—Trump made it clear Powell’s final months will be contentious. “He’s done a bad job, but he’s going to be out pretty soon anyway,” Trump said this week.
Fed Orders New Oversight
To address growing scrutiny, Powell has called for the Fed’s inspector general to review the renovation once more. The project, which involves two nearly century-old buildings on the National Mall, remains a focal point for both financial policy debates and political maneuvering.
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